(Sharecast News) - Amusements operator Brighton Pier Group reported a strong financial performance in its final results on Monday, covering the first uninterrupted trading period since the outbreak of the Covid-19 pandemic.
The AIM-traded company, which owns the Brighton Palace Pier, had changed its year-end from June to December in a bid to provide more meaningful comparisons of its financial performance going forward.
It said it benefitted from pent-up consumer demand and government assistance in the 18 months ended 25 December, allowing it to repay £9.1m of debt, representing 44% of its borrowings, and enter the current, more challenging market in a good financial position.
The group said its strong financial position had placed it well to take advantage of any upturn in the market.
Revenue was significantly higher than the previous year notwithstanding the reporting period change, with revenue increasing from £13.5m in the 12 months to 27 June 2021, to £58.9m in the 18 months to 25 December 2022.
Profit before tax came in at £7.6m, compared to £4.2m in the prior period, while basic earnings per share increased from 11.3p to 17.1p, and diluted earnings per share improved from 11.3p to 16.9p.
"Like many in our industry, we have had to absorb higher costs relating to wages, energy prices and other inputs," said chief executive officer Anne Ackord.
"Nevertheless, our businesses remain profitable, well managed and backed by a strong balance sheet and asset base.
"We are confident in the ability of our management teams to operate successfully in our markets, but we remain mindful of the continuing pressures from the wider economic environment in which we trade."
At 1019 BST, shares in the Brighton Pier Group were up 3.17% at 65p.
Reporting by Josh White for Sharecast.com.
Brighton Pier (PIER)